A secured credit card is a type of credit card designed for individuals looking to build or repair their credit score. It requires a cash deposit upfront, which typically serves as the credit limit, ensuring reduced risk for the issuer and helping the cardholder establish creditworthiness.
Secured credit cards are invaluable tools for building a positive credit history and improving credit scores. They offer a pathway for individuals who might not qualify for traditional credit cards to access credit, manage finances responsibly, and potentially qualify for unsecured credit cards in the future.
Below is a list of some of the top secured credit cards available on the market today. Each card comes with its unique features and benefits, tailored to suit various financial needs and goals. Click on the links provided to learn more about each option and find the perfect card to start building your credit today.
Capital One Platinum Secured Credit Card
Minimum Security Deposit: $49, $99, or $200 – Refundable.
APR: Variable APR of 30.74% on purchases and balance transfers
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Yes
Other Features:
☑ 0$ Fraud Liability
☑ Acess to CreditWise for free credit score monitoring
☑ Automatic credit line reviews starting at six months for a potential credit limit increase without an additional deposit
☑ No foreign transaction fees
☑ Emergency card replacement
☑ Option to increase your credit line up to $1,000
☑ Personalized email or text reminders and Autopay options.
Capital One Quicksilver Secured Cash Rewards Credit Card
Minimum Security Deposit: $200 – Refundable
APR: Variable purchase APR of 30.74%
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Yes
Other Features:
☑ 0$ Fraud Liability
☑ Access to CreditWise for free credit score monitoring
☑ Automatic credit line reviews starting at six months for a potential credit limit increase without an additional deposit
☑ No foreign transaction fees
☑ Virtual card numbers for secure online shopping
☑ Rewards include 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on every purchase
Secured Chime Credit Builder Visa® Credit Card
Minimum Security Deposit: $0
APR: None
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Not specified
Other Features:
☑ No credit checks
☑ Adjust your credit limit by adding more money to the card
Bank of America® Customized Cash Rewards Secured Credit Card
Minimum Security Deposit: $200, max. of $5,000
APR: Variable, 28.24%
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Yes
Other Features:
☑ 3% cash back in a category of choice like gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
☑ 2% cash back at grocery stores and wholesale clubs
☑ Unlimited 1% cash back on all other purchases
☑ 0$ Fraud Liability
☑ Access to CreditWise for free credit score monitoring
☑ Chip-enabled cards for tap-to-pay convenience at registers
Bank of America® Secured Credit Card
Minimum Security Deposit: $200, max. Of $5,000
APR: Variable, 26.24%
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Yes
Other Features:
☑ 0$ Fraud Liability
☑ Access to CreditWise for free credit score monitoring
☑ Chip-enabled cards for tap-to-pay convenience at registers
Discover It® Secured Card
Minimum Security Deposit: $200 (or more, in increments of $100 up to $2,500) – Refundable
APR: Variable APR of 10.99% intro APR on Balance Transfers for 6 months, then ongoing APR of 28.24%
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Yes, after seven months of account ownership with good standing
Other Features:
☑ 0$ Fraud Liability
☑ Access to CreditWise for free credit score monitoring
☑ Chip-enabled cards for tap-to-pay convenience at registers
☑ 2% cash back at gas stations and restaurants, up to $1,000 in combined spending each quarter
☑ 1% cash back on all other purchases.
☑ 99% nationwide acceptance
UNITY Visa® Secured Credit Card
Minimum Security Deposit: $250 (max. of $10,000) – Refundable
APR: Fixed APR of 17.99% for purchases, balance transfers, and cash advances
Annual Fee: $39
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Not specified
Other Features:
☑ Offers a credit-building education program to help improve credit scores.
Credit One Bank® Secured Card
Minimum Security Deposit: $200 – Refundable
APR: Variable, 29.24%
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Not specified
Other Features:
☑ 0$ Fraud Liability
☑ Earn interest on your security deposit account
☑ 1% cash back at eligible gas, cable, phone, and internet services, and grocery purchases
Merrick Bank Classic Secured Credit Card
Minimum Security Deposit: $200 (max. of $3,000) – Refundable
APR: Variable, 22.70%
Annual Fee: $36 the first year, billed at $3 per month thereafter
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: No
Other Features:
☑ 0$ Fraud Liability
☑ Access to CreditWise for free credit score monitoring
Applied Bank Secured Visa® Gold Preferred® Credit Card
Minimum Security Deposit: $200 (max. of $1,000) – Refundable
APR: Fixed, 9.99%
Annual Fee: Not specified
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Not specified
Other Features:
☑ 0$ Fraud Liability
☑ Access to CreditWise for free credit score monitoring
☑ Can increase your credit limit up to $5,000 adding to your security deposit any time after approval
☑ Chip-enabled cards for enhanced security and protection
Citi® Secured Mastercard®
Minimum Security Deposit: $200 (max. of $2,500) – Refundable
APR: Variable, 26.74%
Annual Fee: $0
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Yes, eligibility for deposit return reviewed after 18 months
Other Features:
☑ 0$ Fraud Liability
☑ Access to CreditWise for free credit score monitoring
☑Mastercard® ID Theft Protection™ – alert for fraud detection
First Progress Platinum Elite Mastercard® Secured Credit Card
Minimum Security Deposit: $200 (max. of $2,000) – Refundable
APR: Variable, 25.24%
Annual Fee: $29
Reports to All Three Major Credit Bureaus: Yes
Option to Convert to Unsecured Cards: Not specified
Other Features:
☑ 25-day grace period for interest-free purchases
☑ Access to free credit education on the mobile app
☑ Free access to your VantageScore
